VW agrees 620 million euros payout

Volkswagen has agreed to pay 620 million euros in compensation to 200,000 car owners in the biggest German lawsuit over the group's "dieselgate" emissions cheating scandal, the company said Monday.

Owners will shortly receive a binding agreement from Volkswagen and have two weeks to review the offer before the money is paid out from May 5, the company and the VZBV federation of consumer groups said.

VW reached an out-of-court settlement with the VZBV at the end of February to provide compensation for 260,000 eligible customers of up to 830 million euros ($902 million) in total. The "high number of settlements" was proof that the offer was "perceived as fair," said Hiltrud Werner, head of integrity and legal affairs on the Volkswagen board.